Citi Global Wealth Unveils Latest ULTIMA Credit Card Curated for Ultra-High Net Worth Clients as Spend Outpaces Pre-pandemic Levels



Hong Kong/Singapore – Citi Global Wealth unveiled the ULTIMA Mastercard credit card earlier this week, targeting Citi Private Bank clients across Asia, including Hong Kong and Singapore, two of Citi’s four global wealth hubs.

The by-invitation-only card comes to market as spending by the bank’s ultra-high net-worth clients continues to outpace pre-pandemic levels. Spending in the first half of this year, compared to the same period in 2019, was up 56% in Singapore, and 36% in Hong Kong. Across both markets, shopping, dining and travel were leading spending categories.

Research commissioned by Citi across Hong Kong and Singapore found that ultra-high net worth clients wanted to access more experiences for themselves and their loved ones, particularly in travel, as well as invest quality time in wellness.  In response to the penchant for spend, and evolving preferences of this client segment, the card includes bespoke travel and lifestyle experiences and wellness features in addition to best-in-class rewards and exclusive benefits, supported by dedicated Lifestyle Relationship Managers.

ULTIMA Mastercard was introduced to select clients on Monday evening (31st July) at a ‘Citi ULTIMA Gala Dinner’ held at the Rosewood Hotel in Hong Kong which was attended by Oscar Award-winning actress, Michelle Yeoh.

Exemplary of the exclusive access availed by ULTIMA, guests heard first-hand from the inspirational icon during a fireside chat between Ms. Yeoh and Angel Ng, Asia Head of Citi Global Wealth. Both role models in their respective fields, Ms. Yeoh and Angel discussed the pursuit of excellence, living life of the fullest, and their shared passion to advance diversity and inclusion to create an impact in the lives of others and build a world free of bias.

Guests also enjoyed exclusive experiences showcased at the event, including an interactive digital art gallery and an immersive experience that brought clients to select natural wonders around the world. A corresponding exclusive client event will be held in Singapore on August 21.

Angel said, “Citi’s ULTIMA proposition has etched its place as a leading and exclusive credit card for ultra-high net worth clients. The latest iteration of the card ensures that we continue to stay ahead of our client’s needs and wants as their spending behaviors evolve. As part of Citi Global Wealth, we are leveraging the full wealth continuum to now include this credit card as part of the product suite for private banking clients in Asia. The partnership between our credit cards and private banking businesses is helping us to unlock new opportunities to expand and deepen our client relationships in the ultra-high net worth segment.”

Citi Global Wealth is the bank’s unified wealth management platform, serving clients across the wealth continuum in Asia through Singapore and Hong Kong.  The business comprises Citi’s credit cards franchise in the region, our Citigold and Citigold Private Client propositions, the International Personal Bank, Citi Private Bank, and Citi’s consumer banking arm in Singapore and Hong Kong.

Asia Pacific and EMEA Head of Cards and Unsecured Lending, Sanjay Nambiar, said, “We are pleased to be partnering with Mastercard to bring this card to our clients in Asia. The collaboration brings together Mastercard’s network and Citi’s in-depth experience in conceptualizing leading credit card propositions to expand our reach to existing and potential clients in the region.”

“The Asia Pacific region has experienced a strong and sustained economic recovery post-pandemic. It is now home to 30% of the world’s ultra-high-net-worth population and in recent years has seen the affluent segment in Singapore and Hong Kong expand,” said Jason Lane, Executive Vice President of global Account Management, Mastercard. “Mastercard is delighted to extend its long-standing partnership with Citi to launch the enhanced ULTIMA card. It meets the needs of Citi’s ultra-high-net-worth customers, and leverages the Mastercard Priceless Experiences Program, designed to give cardholders special access to unforgettable experiences tailored to their individual desires.”

More on the updated ULTIMA Proposition:   

 From bespoke experiences to wellness benefits and exclusive service, ULTIMA offers compelling benefits including:

Ultimate Dedication:

  • Dedicated ULTIMA Lifestyle Relationship Managers

Ultimate Horizons:

  • Golf at St. Andrews with a Pro or Golfing experience at the Open
  • Access to luxury private islands in different regions across Asia and the Pacific Islands with full-serviced resorts for personal and family retreats
  • Access to renowned distilleries and vineyards in Europe
  • Supercar drive experiences – on racetracks around the world and exclusive tours to automotive museums
  • Complimentary one-night stay with a minimum of two consecutive nights booked at over 900 luxurious participating properties worldwide
  • Complimentary companion airfare with a purchase of a full fare First or Business class ticket on eight participating airlines

Ultimate Indulgence:

  • Access to priority booking for designated Michelin restaurants in Hong Kong and chef-curated exclusive dinners in Singapore through the bank’s partnership with Michelin Guide

Ultimate Balance:

  • Exclusively curated Wellness retreats

About Citi:

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management, and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at | Twitter: @Citi |

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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